Dime Bancorp said late Thursday it had reached the end of a strategic review and that Warburg Pincus Equity Partners would invest $238 million in the company.

In addition, Dime's chairman Lawrence J. Toal, will step down. Anthony P. Terracciano, a long-time banker, will take over as chairman of the board of Dime, while Mr. Toal will stay on as chief executive officer.

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